本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江出版传媒股份有限公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》（第十一号——新闻出版）的相关规定，现将 2025 年度主 要业务板块经营数据公告如下： 单位：万元 | 项目 | 销售码洋 | | | | 营业收入 | | | 营业成本 | | | 毛利率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 去年 | 本期 | 增长 | 去年 | 本期 | 增长 | 去年 | 本期 | 增长 | 去年 | 本期 | 增长 | | | 同期 | | 率(%) | 同期 | | 率(%) | 同期 | | 率(%) | 同期 | | 率(%) | | 出版业务 | 982,561. | 896,532. | -8.76 | 291,15 | 280,11 | -3.79 | 204,76 | 191,50 | -6.48 | 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 13.35 yuan and a target price not specified for the next 6 months [1]. Core Insights - The company reported a stable profit growth and continues to provide high dividends to shareholders, with a proposed annual cash dividend of 518 million yuan, accounting for 33.04% of net profit, and a total cash dividend of 752 million yuan, which is 48% of net profit [7]. - The revenue for 2025 was 11.73 billion yuan, a decrease of 4.84% year-on-year, while the net profit attributable to the parent company was 1.57 billion yuan, an increase of 1.53% year-on-year. The decline in revenue was primarily due to the market environment in the education service industry, affecting sales of textbooks and student reading materials [7]. - The company is focusing on digital product upgrades and exploring IP development in general books, while also implementing a "going out" strategy, exporting 54,000 books in 2025 [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is expected to grow from 12.75 billion yuan in 2026 to 14.77 billion yuan in 2028, with growth rates of 8.69%, 7.62%, and 7.59% respectively [2][8]. - Net profit attributable to the parent company is projected to increase from 1.73 billion yuan in 2026 to 2.05 billion yuan in 2028, with corresponding growth rates of 10.15%, 7.46%, and 10.54% [2][8]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.40 yuan in 2026 to 1.66 yuan in 2028 [2]. - **Valuation Metrics**: - The Price-to-Earnings (PE) ratio is expected to decrease from 10 in 2026 to 8 in 2028, while the Price-to-Book (PB) ratio is projected to decline from 1.10 to 0.96 over the same period [2][9]. Business Segment Analysis - **Publishing and Distribution**: - The publishing segment is expected to see revenue growth from 3.13 billion yuan in 2026 to 3.59 billion yuan in 2028, with growth rates of 8% each year [8]. - The distribution segment is projected to grow from 11.03 billion yuan in 2026 to 12.62 billion yuan in 2028, with growth rates of 8%, 7%, and 7% respectively [8]. - **Digital Transformation**: - The company is actively upgrading its digital products and has partnered with apps like "Nano Box" and "Yuan Tutor" to provide educational resources, indicating a strategic shift towards digitalization in the education sector [7].

Investment Rating - The report maintains a "Buy" rating for Xinhua Wenhui (601811) with a current price of 13.35 yuan and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of 11.73 billion yuan in 2025, a decrease of 4.84% year-on-year, while the net profit attributable to the parent company was 1.57 billion yuan, reflecting a growth of 1.53% [7]. - The decline in revenue is attributed to the challenging market environment in the education services sector, particularly a drop in sales of textbooks and student reading materials [7]. - The company continues to implement a high dividend policy, proposing a cash dividend of 518 million yuan, which accounts for 33.04% of net profit, and a total cash dividend of 752 million yuan, representing 48% of net profit [7]. - The publishing and distribution segments experienced declines, with publishing revenue at 2.9 billion yuan (down 2.8%) and distribution revenue at 10.21 billion yuan (down 6%) [7]. - The company is focusing on digital product upgrades and exploring new growth avenues in educational information technology [7]. Financial Summary - Revenue projections for 2026-2028 are 12.75 billion yuan, 13.72 billion yuan, and 14.77 billion yuan, with growth rates of 8.69%, 7.62%, and 7.59% respectively [2][8]. - Net profit forecasts for the same period are 1.73 billion yuan, 1.86 billion yuan, and 2.05 billion yuan, with corresponding growth rates of 10.15%, 7.46%, and 10.54% [2][8]. - Earnings per share (EPS) are expected to increase from 1.27 yuan in 2025 to 1.66 yuan in 2028 [2]. - The return on equity (ROE) is projected to rise from 10.27% in 2025 to 11.98% in 2028 [2]. Business Segments - The distribution segment is expected to achieve stable growth, with revenue growth rates of 8% for 2026, 7% for 2027, and 7% for 2028 [8]. - The publishing segment is also anticipated to grow, with revenue growth rates of 8% for 2026, 7% for 2027, and 7% for 2028 [8]. - The company is actively pursuing a "going out" strategy, exporting 54,000 copies of books in 2025 [7].

（股份代號：811） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列新華文軒出版傳媒股份有限公司在上海證券交易所網站( www.sse.com.cn ) 發佈的《新華文軒出版傳媒股份有限公司2025年年度報告》《新華文軒出版傳媒股 份有限公司2025年年度報告摘要》《新華文軒出版傳媒股份有限公司第五屆董事會 2026年第四次會議決議公告》《新華文軒出版傳媒股份有限公司2025年度利潤分配 建議方案暨關於貫徹落實「提質增效重回報」專項行動的公告》《新華文軒出版傳 媒股份有限公司關於聘任本公司2026年度會計師事務所及內控審計機構的公告》 《新華文軒出版傳媒股份有限公司關於2025年度募集資金存放、管理與實際使用 情況的專項報告》《新華文軒出版傳媒股份有限公司2025年度環境、社會及管治報 告摘要》《新華文軒出版傳媒股份有限公司2025年度環境、社會及管治報告》《新 華文軒出版傳媒股份有限公司2025年度獨立董事述職報告（劉子斌）》《新華文軒 出版傳媒股份有限公司2025年度獨立董事述職報告（鄧富民）》《新華文軒出版傳 媒股份有限公司2025年度獨立董事述職報告（韓文 ...

证券代码：601811 证券简称：新华文轩 公告编号：2026-012 新华文轩出版传媒股份有限公司 关于 2025 年年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 新华文轩出版传媒股份有限公司依照《上海证券交易所上市公司自律监 管指引第3号行业信息披露：第十一号——新闻出版》的相关规定，现将 2025年年度主要业务板块经营数据概况公告如下： 单位：万元 | 业务板块 | 销售码洋 | 主营业务收入 | 主营业务成本 | 毛利率(%) | | --- | --- | --- | --- | --- | | 出版业务 | —— | 289,548.35 | 199,263.42 | 31.18 | | 其中：教材教辅 | 249,703.44 | 144,784.27 | 82,049.37 | 43.33 | | 一般图书 | 669,565.58 | 99,561.57 | 79,228.33 | 20.42 | | 发行业务 | —— | 1,021,166.24 | 716,780.68 | ...

Core Viewpoint - Qingdao Urban Media Co., Ltd. is expected to report a significant loss for the year 2025, marking the first loss since its listing, with projected net profit attributable to shareholders ranging from -350 million to -450 million yuan, compared to a profit of 84.855 million yuan in 2024, indicating a decline of over 430 million yuan [2][5][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The company anticipates a net profit attributable to shareholders of -350 million to -450 million yuan for 2025, indicating a shift from profit to loss compared to the previous year [3][5]. - The forecasted net profit after deducting non-recurring gains and losses is expected to be -360 million to -460 million yuan [2][5]. Group 2: Financial Performance Analysis - The company reported a revenue of 1.622 billion yuan in the first three quarters of 2025, ranking 8th among 19 companies in the industry, but with a net profit of only 30.635 million yuan, placing it 13th in the industry [6]. - The company experienced a significant decline in profitability, with losses expanding in the fourth quarter, leading to an overall loss for the year [6]. - Despite the anticipated losses, the company's financial structure remains stable, with total assets of 4.216 billion yuan and a debt of 1.04 billion yuan, resulting in a debt-to-asset ratio of 24.68%, which is lower than the industry average of 32.11% [6]. Group 3: Reasons for Loss - The primary reason for the anticipated loss is the pressure on commercial real estate operations, leading to substantial asset impairments, particularly in key properties like Qingdao Urban Media Plaza and Jiaonan Cultural Building [6][7]. - The core educational book business has been severely impacted by the "double reduction" policy, changes in the ordering model, and a decrease in school-age population, resulting in a significant drop in sales [7]. - New business investments and non-operating factors have further exacerbated losses, with ongoing projects in VR/AR and IP development not yet generating stable profits, alongside non-recurring losses from investments in platforms like Himalaya [7].

Group 1 - Reader Media's stock price fell by 2.63% to 7.77 CNY per share, with a trading volume of 215 million CNY and a turnover rate of 4.73%, resulting in a total market capitalization of 4.476 billion CNY [1] - The stock has experienced a continuous decline for three days, with a cumulative drop of 12.4% during this period [1] - Reader Media was established on December 28, 2009, and went public on December 10, 2015, focusing on the publication and distribution of journals and books, including educational materials [1] Group 2 - The main revenue composition of Reader Media includes educational materials (63.22%), general books (13.86%), journals (13.77%), and other educational products (9.15%) [1] - According to data, one fund, the Chuangjin Hexin Quantitative Stock Selection Mixed A Fund (020224), holds 87,700 shares of Reader Media, accounting for 0.56% of the fund's net value, making it the fifth-largest holding [2] - The fund has reported a floating loss of approximately 18,400 CNY today and a total floating loss of 96,500 CNY during the three-day decline [2]

Group 1 - The stock price of Northern United Publishing and Media Co., Ltd. increased by 1.02% to 6.90 CNY per share, with a trading volume of 13.91 million CNY and a turnover rate of 0.37%, resulting in a total market capitalization of 3.801 billion CNY [1] - The company, established on August 29, 2006, and listed on December 21, 2007, focuses on the publication, distribution, and printing of educational materials, general books, and related supplies [1] - The revenue composition of the company includes educational materials at 39.60%, paper and printing supplies at 37.19%, general books at 30.73%, and other sources at 4.13% [1] Group 2 - The top circulating shareholder of Northern United Publishing is the Dachen CSI 360 Internet + Index A fund, which increased its holdings by 166,800 shares to a total of 2.2983 million shares, representing 0.42% of the circulating shares [2] - The Dachen CSI 360 Internet + Index A fund, established on February 3, 2016, has a current size of 788 million CNY and has achieved a year-to-date return of 39.65%, ranking 1145 out of 4189 in its category [2] - The fund has a cumulative return of 229.36% since its inception [2]

Group 1 - The core point of the article highlights the performance of Northern United Publishing and Media Co., Ltd., which saw a stock increase of 1.02%, reaching a price of 6.90 yuan per share, with a total market capitalization of 3.801 billion yuan [1] - The company, established on August 29, 2006, and listed on December 21, 2007, primarily engages in the publishing, distribution, and printing of educational materials and general books, with its main revenue sources being educational materials (39.60%), printing supplies (37.19%), general books (30.73%), and other sources (4.13%) [1] Group 2 - From the perspective of the top ten circulating shareholders, GF Fund's fund, GF ChiNext Index Enhanced A (025195), has entered the top ten shareholders, holding 1.529 million shares, which accounts for 0.28% of the circulating shares, with an estimated profit of approximately 107,000 yuan today [2] - The fund manager of GF ChiNext Index Enhanced A is Sun Di, who has been in the position for 8 years and 20 days, managing a total asset size of 3.438 billion yuan, with the best fund return during his tenure being 234.15% and the worst being -46.52% [4]

Core Viewpoint - The stock of Publishing Media has experienced a decline of 2.05% on November 21, with a current price of 7.16 CNY per share, reflecting a market capitalization of 3.945 billion CNY. The company has seen a year-to-date stock price increase of 15.30% but has faced recent declines over various trading periods [1]. Financial Performance - For the period from January to September 2025, Publishing Media reported a revenue of 1.685 billion CNY, representing a year-on-year decrease of 5.90%. However, the net profit attributable to shareholders increased by 75.74% to 76.814 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 494 million CNY, with 90.35 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Publishing Media is 21,000, a decrease of 7.82% from the previous period. The average number of circulating shares per shareholder has increased by 8.49% to 26,197 shares [2]. - Notable changes in institutional holdings include an increase in shares held by major shareholders, with Dazhong Zhongzheng 360 Internet + Index A becoming the fifth largest shareholder, increasing its holdings by 166,800 shares [3].